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The Internet of Things: Revolutionizing the retail industry

Retailers are experimenting with the Internet of Things (IoT) to offer new services, reshape the customer experience and enter new markets.

Overview

Consumer adoption of IoT devices is expected to rise quickly: The "State of the Internet of Things" study from Accenture Interactive found that nearly two-thirds of consumers intend to purchase a connected home device by 2019, while ownership of wearable technology is expected to double year over year in 2016.

Leadership teams may find it difficult to get their arms around an Internet of Things strategy. CIOs in particular may be hard-pressed to accommodate entirely new classes of devices into their already complex IT infrastructures. But it's important for retailers to consider taking steps now to lay a foundation for IoT support later.

The proliferation of connected devices coupled with improved, less-expensive technology platforms and adoption of common standards will only increase the rapid growth of IoT-enabled capabilities across industries. And the IoT will be particularly disruptive to the retail industry.

DOWNLOAD THIS POINT OF VIEW: THE INTERNET OF THINGS: REVOLUTIONIZING THE RETAIL INDUSTRY [PDF, 2 MB]

OPPORTUNITIES

The IoT movement offers retailers opportunities in three critical areas: customer experience, the supply chain, and new channels and revenue streams. Here are some examples of how the in-store experience and the connected home of tomorrow might look:

The Experience of Tomorrow

Recommendations

While the IoT may seem like science fiction, it is becoming reality faster than most of us can comprehend.

Retailers that take the lead in this space stand to gain an important advantage in an already competitive environment. Early adopters will be positioned to more quickly deliver IoT-enabled capabilities that can increase revenue, reduce costs and drive a differentiated brand experience.

The IoT will be a disruptive force in retail operations. As companies begin to form an IoT strategy, one question must be at the forefront: Do you want to be a disrupter or the disrupted?

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